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p4917

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Long
Bitcoin (BITSTAMP:BTCUSD)  
p4917 Updated   
BITSTAMP:BTCUSD   Bitcoin
Triangle Moving Averages Chart Patterns simpletechnicals simpleta supportandresistancezones movingaveragepriceaction bullishsetup chartpatterntrading trianglebreak trianglepattren
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triangle movingaverage chartpattern simpletechnicals simpleta supportandresistancezones movingaveragepriceaction bullishsetup chartpatterntrading trianglebreak trianglepattren
Looks like we can open the bullish case.
  • Triangle formation has broken to the upper side
  • Re-Test of the triangle on the upside on Friday
  • Price above still above the 50 SMA
  • Short-term MAs are bullish aligned (17 EMA > 30 SMA > 50 SMA)
Could be a nice long setup. Valid on the daily and weekly timeframe. If the price drifts further down, I would see this setup invalidated.


Comment:
Unfortunately, the triangle didn't work. I've adjusted the shape now and see what we've got: A rising channel. But this could be considered also as a bearish flag. However from the current position it seems to be more likely that BTC is doing a bounce to the upside. But it's questionable if BTC can leave the channel ...

snapshot
Comment:
Looks like tomorrow we can see a pump in BTC - or a dump. ;)
I'm expecting rather a pump, but could also be wrong ...
Comment:
Yesterday's assumption was wrong - it went south. But I've re-drawn the channel now because it has confirmed some significant points on the chart. The upward channel seems to be nevertheless still valid. Waiting for a bounce to the upside of this channel:

snapshot

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p4917
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